Harris to merge with L3 in all stock deal, creating US defense giant with $34 billion market value [CNBC]
HARRIS (HRS)
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Source: CNBC
Michael Colley/EyeEm | Getty Images Congress has passed the National Defense Authorization Act for 2018, representing an 18 percent increase in defense spending. Harris Corporation and L3 Technologies agreed to an all stock merger of equals, creating the United States' sixth largest defense contractor with annual sales around $16 billion, the companies announced on Sunday. The deal is the latest example of how increased defense spending under U.S. President Donald Trump and the Republican-led Congress is driving contractors to pursue mergers so they have more scale to bid on bigger projects, spanning everything from upgrading outdated computer systems to space exploration. The all-stock deal values L3 at $15.7 billion, slightly above its market capitalization as of the end of trading Friday of $15.3 billion. The deal creates a military communications and defense electronics conglomerate with a market value of about $34 billion.
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